Global markets in meltdown over tariffs - as Trump says 'sometimes you've got to take the medicine'
7 April 2025, 07:30 | Updated: 7 April 2025, 07:39
Global markets plunged further on Monday in response to US tariffs - as Trump declared "sometimes you've got to take the medicine" when asked whether he would consider backtracking.
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Financial commentators labelled the fiscal landscape a "bloodbath" as markets opened in Asia upon opening - as international stock markets entered a nose-dive amid fears of a worldwide economic meltdown
The implementation of Trump's tariffs comes as the president branded a member of the press "stupid" aboard Air Force One for suggesting he might consider a major U-turn if markets don't respond.
Japan's Nikkei was down more than 8 per cent upon opening - a trend that follows more than $6 trillion being wiped off the US economy in recent days since Trump's tariffs announcement.
The Singapore benchmark index fell 6.8 per cent overnight, Australia's S&P/ASX 200 fell more than 6 per cent, and South Korea's Kospi plummeted 4.4 per cent.
Meanwhile, the US stock market continued to weaken into Monday, with the S&P 500 losing a further 4.2 per cent, the Dow Jones Industrial Average falling 3.5 per cent and the future for the Nasdaq lost 5.3 per cent.
Trump continued to back his tariffs move on Monday, despite a growing number of companies stopping exports to the US - the latest being UK car giant Land Rover.
The bold move by the British car manufacturer comes as the Prime Minister is set to announce changes designed to help British car manufacturers later today.
Sir Keir Starmer is expected to bring back the ban on the sale of new petrol and diesel cars from 2030.
The PM is also expected to relax rules linked to fines for manufacturers who do not selling enough electric vehicles.
Speaking late on Sunday, the US President confirmed he had spoken to European and Asian leaders over the weekend in relation to the tariffs.
International nations have been attempting to convince Trump to lower what are fundamentally reciprocal tariffs in a bid to maintain exports to the US.
"I spoke to a lot of leaders, European, Asian, from all over the world," Mr Trump said.
"They're dying to make a deal. And I said, we're not going to have deficits with your country. We're not going to do that because to me, a deficit is a loss. We're going to have surpluses or, at worst, going to be breaking even."
The PM confirmed on Monday that the 2030 phase-out date for new petrol and diesel car sales, with hybrid vehicles allowed to be sold until 2035.
Small manufacturers will be exempt from the mandate, and firms will be given more flexibility in how they meet the target, reducing pressure on the industry.
To support this transition, the government says it is investing £2.3 billion to boost the manufacturing of zero-emission vehicles and help working people make the switch to electric cars.
Starmer said new era means we must go "further and faster" in the bid to spur growth.
